I am not sure why I didn’t think about this before, but below is a table with hedged versions of the Hedge Fund Best Ideas Portfolio. The L/S version is 50% hedged, rebalanced yearly. The Market Neutral version is 100% hedged, rebalanced yearly. I repeated the portfolio with both S&P and Russell 2000 Indices as hedge choices. I did not make any concessions for short rebates. Sharpe is at 4%.